We are in the process of transferring from a registered charity (Charitable Association) to a Charitable Incorporated Organisation, following the Charity Commissions process. The new CIO is set up and registered, same trustees,  addresses, etc. With the CIO registered, we are in the process of transferring asset into the new CIO.

Both our bank and donation platform (Enthuse) state that we need to set up new accounts, in doing so all direct debits will be cancelled and its up to us to attempt to contact the donors to explain the changes and ask them to set up a new donation schedule. This would have a huge financial impact on a small organisation.

Has anyone got any experience with transferring to a CIO and are the banks correct in that we need new accounts or are they simply misunderstanding the Charity Commissions processes?